Investigation of the capital budgeting methods used bytop 500 industrial enterprises of Turkey in the evaluationof investment projects

The disappearance of borders in economic terms has directed businesses to markets where international competition is high. This situation has caused businesses that have an important share in national development to be more sensitive about strategic investments. The use of limited resources, especially in developing countries, in investment projects that will contribute to the welfare of the country is of great importance. Therefore, capital budgeting decisions that cover investments in fixed capital for more than one year have an important role in maximizing firm value and coping with competition. In this context, the aim of this study is to determine the capital budgeting methods preferred by Turkey's Top 500 Industrial Enterprises when evaluating their investment projects and the usage rates of the capital budgeting techniques. In addition, it is aimed to determine the relationship between the capital budgeting methods preferred by both Turkey's Top 500 Industrial Enterprises and companies whose stocks are traded in Borsa Istanbul and firm size, exports, year of establishment, financial risk, education level of managers, sector, and firm performance. The findings indicated that a statistically significant relationship was determined between the education level, sector and firm age in both Turkey's Top 500 Industrial Enterprises and the companies whose stocks are traded in Borsa Istanbul, and the preferred methods. While no significant relationship was not found between the methods preferred by the companies in Turkey's Top 500 Industrial Enterprises and the firm size, a significant relationship was found between the methods preferred by the companies whose stocks are traded in Borsa Istanbul and the firm size. A significant relationship was determined between the export and the methods preferred by the companies in Turkey's Top 500 Industrial Enterprises, but a significant relationship was not found between the companies whose stocks are traded in Borsa Istanbul and their export and firm performance. Finally, no significant relationship was found between the financial risk ratio of the companies in Turkey's Top 500 Industrial Enterprises and the companies whose shares are traded in Borsa Istanbul and the preferred methods. In this study, the results revealed were evaluated within the scope of the literature and suggestions were made for the studies planned to be done in the future.